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Side-by-side financial comparison of Applied Digital Corp. (APLD) and D-Wave Quantum Inc. (QBTS). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $2.8M, roughly 46.0× D-Wave Quantum Inc.). Applied Digital Corp. runs the higher net margin — -11.4% vs -1538.0%, a 1526.6% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs 19.2%). D-Wave Quantum Inc. produced more free cash flow last quarter ($-20.0M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs 5.7%).
BAE Systems Digital Intelligence is an international defence and security technology firm owned by BAE Systems. They specialize in delivering digital solutions that enable rapid, data-driven decision-making. Their services, solutions and products span customers in Law Enforcement, National Security, Government Departments and Government Enterprises, Critical National Infrastructure, Telecommunications, the Military, and Space.
D-Wave Quantum Inc. is a quantum computing company with locations in Palo Alto, California and Burnaby, British Columbia. D-Wave claims to be the world's first company to sell computers that exploit quantum effects in their operation. D-Wave's early customers include Lockheed Martin, the University of Southern California, Google/NASA, and Los Alamos National Laboratory.
APLD vs QBTS — Head-to-Head
Income Statement — Q2 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $2.8M |
| Net Profit | $-14.4M | $-42.3M |
| Gross Margin | 20.6% | 64.8% |
| Operating Margin | -24.5% | -1266.0% |
| Net Margin | -11.4% | -1538.0% |
| Revenue YoY | 98.2% | 19.2% |
| Net Profit YoY | 89.6% | 50.8% |
| EPS (diluted) | $-0.07 | $-0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $126.6M | $2.8M | ||
| Q3 25 | $64.2M | $3.7M | ||
| Q2 25 | $-33.3M | $3.1M | ||
| Q1 25 | $52.9M | $15.0M | ||
| Q4 24 | $63.9M | $2.3M | ||
| Q3 24 | $60.7M | $1.9M | ||
| Q2 24 | $43.7M | $2.2M | ||
| Q1 24 | $43.3M | $2.5M |
| Q4 25 | $-14.4M | $-42.3M | ||
| Q3 25 | $-16.9M | $-140.0M | ||
| Q2 25 | $-52.5M | $-167.3M | ||
| Q1 25 | $-35.6M | $-5.4M | ||
| Q4 24 | $-138.7M | $-86.1M | ||
| Q3 24 | $-4.2M | $-22.7M | ||
| Q2 24 | $-64.5M | $-17.8M | ||
| Q1 24 | $-62.8M | $-17.3M |
| Q4 25 | 20.6% | 64.8% | ||
| Q3 25 | 13.4% | 71.4% | ||
| Q2 25 | — | 63.8% | ||
| Q1 25 | 7.1% | 92.5% | ||
| Q4 24 | 18.0% | 63.8% | ||
| Q3 24 | -0.6% | 55.8% | ||
| Q2 24 | -9.1% | 63.6% | ||
| Q1 24 | -8.6% | 67.3% |
| Q4 25 | -24.5% | -1266.0% | ||
| Q3 25 | -34.7% | -741.8% | ||
| Q2 25 | — | -856.3% | ||
| Q1 25 | -35.8% | -75.3% | ||
| Q4 24 | -29.1% | -876.2% | ||
| Q3 24 | 15.6% | -1103.5% | ||
| Q2 24 | -68.4% | -863.0% | ||
| Q1 24 | -128.8% | -710.6% |
| Q4 25 | -11.4% | -1538.0% | ||
| Q3 25 | -26.4% | -3743.9% | ||
| Q2 25 | 157.8% | -5406.4% | ||
| Q1 25 | -67.2% | -36.1% | ||
| Q4 24 | -217.2% | -3727.9% | ||
| Q3 24 | -7.0% | -1214.5% | ||
| Q2 24 | -147.5% | -814.4% | ||
| Q1 24 | -145.0% | -702.3% |
| Q4 25 | $-0.07 | $-0.13 | ||
| Q3 25 | $-0.07 | $-0.41 | ||
| Q2 25 | $-0.31 | $-0.55 | ||
| Q1 25 | $-0.16 | $-0.02 | ||
| Q4 24 | $-0.66 | $-0.43 | ||
| Q3 24 | $-0.03 | $-0.11 | ||
| Q2 24 | $-0.57 | $-0.10 | ||
| Q1 24 | $-0.52 | $-0.11 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9B | $884.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $852.2M |
| Total Assets | $5.2B | $915.8M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $884.5M | ||
| Q3 25 | $73.9M | $836.2M | ||
| Q2 25 | $41.6M | $819.3M | ||
| Q1 25 | $68.7M | $304.3M | ||
| Q4 24 | $286.2M | $178.0M | ||
| Q3 24 | $58.2M | — | ||
| Q2 24 | $3.3M | — | ||
| Q1 24 | $4.4M | — |
| Q4 25 | $1.4B | $852.2M | ||
| Q3 25 | $1.0B | $670.6M | ||
| Q2 25 | $497.7M | $694.3M | ||
| Q1 25 | $454.6M | $207.4M | ||
| Q4 24 | $434.6M | $62.6M | ||
| Q3 24 | $241.8M | $-16.9M | ||
| Q2 24 | $124.8M | $-21.5M | ||
| Q1 24 | $118.5M | $-37.0M |
| Q4 25 | $5.2B | $915.8M | ||
| Q3 25 | $2.4B | $865.8M | ||
| Q2 25 | $1.9B | $843.6M | ||
| Q1 25 | $1.7B | $325.6M | ||
| Q4 24 | $1.5B | $199.9M | ||
| Q3 24 | $937.7M | $49.6M | ||
| Q2 24 | $762.9M | $61.8M | ||
| Q1 24 | $643.2M | $48.6M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.8M | $-18.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $-20.0M |
| FCF MarginFCF / Revenue | -448.6% | -727.9% |
| Capex IntensityCapex / Revenue | 436.1% | 60.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-75.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $-18.4M | ||
| Q3 25 | $-82.0M | $-19.0M | ||
| Q2 25 | $6.9M | $-15.3M | ||
| Q1 25 | $5.9M | $-19.3M | ||
| Q4 24 | $-52.3M | $2.0M | ||
| Q3 24 | $-75.9M | $-18.1M | ||
| Q2 24 | $-34.1M | $-14.5M | ||
| Q1 24 | $38.8M | $-12.1M |
| Q4 25 | $-567.9M | $-20.0M | ||
| Q3 25 | $-331.4M | $-20.1M | ||
| Q2 25 | $-191.4M | $-16.0M | ||
| Q1 25 | $-251.6M | $-19.7M | ||
| Q4 24 | $-223.3M | $1.1M | ||
| Q3 24 | $-130.7M | $-18.4M | ||
| Q2 24 | $-88.9M | $-15.0M | ||
| Q1 24 | $-2.3M | $-12.4M |
| Q4 25 | -448.6% | -727.9% | ||
| Q3 25 | -516.1% | -536.5% | ||
| Q2 25 | 574.8% | -518.1% | ||
| Q1 25 | -475.4% | -131.4% | ||
| Q4 24 | -349.6% | 46.2% | ||
| Q3 24 | -215.3% | -982.8% | ||
| Q2 24 | -203.5% | -687.7% | ||
| Q1 24 | -5.4% | -504.0% |
| Q4 25 | 436.1% | 60.3% | ||
| Q3 25 | 388.4% | 27.2% | ||
| Q2 25 | -595.4% | 24.2% | ||
| Q1 25 | 486.6% | 2.9% | ||
| Q4 24 | 267.8% | 41.1% | ||
| Q3 24 | 90.3% | 16.4% | ||
| Q2 24 | 125.4% | 25.0% | ||
| Q1 24 | 95.0% | 12.4% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
QBTS
Segment breakdown not available.
